Name : Madhur Gupta
District & State : Chandigarh, Punjab
Award : ignite
Award Function : IGNITE 2016 Awards
Award Year : 2016
Innovation Description
“I love to learn something new every day” says Madhur. He enjoys reading about successful people and companies and watches Ted talks during his free time. He aspires to be a trendsetter and wants to pursue computer science. Music is of great importance to him and he is learning to play the flute and guitar.
One day, he was discussing tax policies in India with his father. He was concerned by the fact that mostly, when people purchase any item, they do not take the bill and simply exchange money. The shopkeeper then easily saves significant amount of tax. This made him wonder if it was possible to print a simple QR code on the currency note, similar to courier companies. By printing a unique QR code on every high-valued currency note, one can easily track records of every note. Whenever any note is legally transferred to someone, the QR code is scanned and the information is uploaded on a secured cloud based server. In case of a burglary or bribe, the notes will be blacklisted through the server and whenever the culprit spends them, an alert message will be displayed on the screen.
This will also enable the income tax department to track records and easily discover defaulters, may be a bit like bitcoin with QR code. This will prevent malice like robbery, kidnapping, corruption and illegal printing of money.
Source : http://nif.org.in/innovation/secured-currency-notes/899